CLC World Resorts & Hotels (“CLC World”) and Interval Leisure Group (“ILG”) (Nasdaq: IILG) have entered into a definitive agreement to establish a joint venture resort management company that will be based in the United Kingdom. ILG will acquire a 75.5 percent ownership stake in the resulting new entity, VRI Europe Limited.

Roy Peires, Founder and Chairman, CLC World Resorts & Hotels, said “Partnering with ILG in this exciting venture will strengthen our expansion strategy as we continue adding to our resorts’ portfolio worldwide, enabling us also to offer our products and expertise to an even wider spectrum of clients. Our ability to create products in tune with lifestyle changes and prevailing holiday preferences, without compromising the CLC World quality experience, propels the company forward in its quest to build better holidays for current and future generations to enjoy.”

“This joint venture is consistent with ILG’s strategy to be a leader in management services to the global, non-traditional hospitality market,” said Craig M. Nash, ILG’s chairman, president, and chief executive officer. “The creation of VRI Europe provides a tremendous opportunity to expand our footprint in the shared ownership management space and collaborate with one of Europe’s most successful resort developers.”

VRI Europe will manage 21 resorts with more than 1,500 units in the U.K., Spain, France, and Portugal. The closing is expected to take place in the autumn, subject to the satisfaction of customary conditions and regulatory requirements.